(dissenting). I cannot agree that the premiums paid in cash by the company employees are not taxable under the statute. The tax, MCL 500.440 et seq.; MSA 24.1440 et seq., is a tax on premiums imposed on foreign insurance companies for the privilege of conducting an insurance business in Michigan. To my mind, collecting premiums in return for insurance benefits provided company employees is purely and simply conducting an insurance business. MONY would be unable to furnish insurance to its employees absent the franchise to conduct insurance business in the state, and, thus, the amounts paid by the employees result from doing business in the state.
The majority concludes that the fact that the company makes no profit on this facet of its business somehow excludes the company from the tax. But the tax is not calculated on corporate profits. Instead, the tax is based on doing business in the state. I agree with the majority that the issue is close as evidenced by the 4-3 decision in Mutual Life Ins Co of New York v New York State Tax Comm, 32 NY2d 348; 298 NE2d 632 (1973). However, I come down on the side of Judge Gabrielli’s minority opinion in that case. I think it contains the better reasoning and I incorporate it by reference in this dissent. I would affirm.